To want to go ahead with buying a house?

[Mazyka]

More of a WWYD really. DP and I are planning on buying a house together, been together 5 years, both FTB, late 30s/early 40s. Currently we have accommodation through my job, which is very stable & secure. I am the higher earner, he has much more for the deposit. We were planning to start the ball rolling and see a mortgage advisor to get an AIP and start looking at houses in the next few months.

However, his job is looking like it might not be as secure as we thought, and he wants to wait until things are clearer to do anything more about house buying (probably 6-12 months or so, maybe longer). I think though, that we should still go ahead now, whilst he is in his current job. I think we’ll get a better mortgage based on his current situation than if anything does change, so it actually makes more sense to go ahead than wait. He is a lot more cautious and pessimistic than me. We would be able to afford any mortgage repayments just from my salary, if we had to.

So what do you think? YANBU=go ahead, YABU=wait until his job situation is clearer.

Thanks!

YWBVU to buy a house (unless you’re buying under market value or to rent out at a high yield) when you have one for free. Why would you pay (or even worse take on debt) for something you don’t need? You could invest that money instead and watch it multiply.

I’d say go for it, if you can afford the repayments anyway then best to get a mortgage when things look stable. I disagree with the pp, I guess you won’t still have the house with your job when you retire and will be unable to get a mortgage then so worth investing now do the mortgage gets paid off.

What will happen to your 'tied' accommodation when you retire.

Reading your post, I'm guessing that you are looking for somewhere which will provide accommodation for you when you retire. Is that the case?

Since you are not married, you might consider buying just in your own name or, if that is not affordable, making an agreement up front about who would get what in the event of a split. Even if you have no intention of splitting up. It's best to get things agreed long before there is any question of a split.

Another question, do you really need a financial advisor? Unless you have bad credit history or any other issues, Why not just look at some best buys online and contact the best ones directly.

My tied accommodation is functional, but in a poor location, no garden, noisy road, wouldn’t be suitable for children if that does happen etc. It’s been fine for a few years, but it’s not a forever home, we’ll need somewhere to live in the future etc. I was of the mind to stay here and buy somewhere to rent out or as a holiday let, but DP wants a home we live in and make our own. He’s feeling the pressure that if we leave it too long we won’t get a mortgage due to age.

I don’t have sufficient deposit on my own, and yes we have discussed agreements being drawn up to protect us both in case of us splitting, one of us dying etc.

Mortgage advisor - I feel pretty financially clueless, she comes recommended by a good friend who says she helped her to get a much better deal. It’s the most money I’ll ever spend, I want to get it right!